The European Commission approved on Tuesday €787.67 million in defense loans for Greece under the Security Action for Europe (SAFE) program.
The Commission announced it has approved the first installment of low-interest loans from the program’s total budget of €150 billion.
The initiative aims to strengthen the EU’s defense capabilities by helping member states procure and produce defense equipment.
According to the Commission, 19 member states have applied for loans under SAFE: Greece, Cyprus, Belgium, Bulgaria, the Czech Republic, Estonia, Spain, France, Croatia, Italy, Latvia, Lithuania, Hungary, Poland, Portugal, Romania, Slovakia, Finland, and Denmark.
The program includes a ten-year grace period for loan repayment, competitive interest rates, and options for bilateral agreements with third countries to broaden eligibility.
Greece has applied for €1.2 billion in loans from the SAFE program, primarily to strengthen its air defense capabilities.